The Law of Diminishing Returns Results in

question 101

Multiple Choice

The law of diminishing returns results in

• A)an eventually rising marginal product curve.
• B)a total product curve that eventually increases at a decreasing rate.
• C)an eventually falling marginal cost curve.
• D)a total product curve that rises indefinitely.

Recognize the role of cognitive and emotional factors in attraction and love.

Understand the mechanisms and effects of the implicit association test in uncovering covert prejudices.

Comprehend how social theories explain the maintenance or escalation of prejudices and discrimination.

Learn the significance of the social exchange theory in the dynamics of close relationships.

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Definitions:

Long Run

A period in economic analysis where all factors of production are variable, allowing for complete industry adjustment.

Industry Supply

The total output of goods or services that firms in a specific industry are willing and able to sell at various prices, over a certain period of time.

Purely Competitive Industry

A market structure where many firms offer products or services that are similar, allowing for free entry and exit, and ensuring no single firm can influence market prices.

Long-Run Adjustments

Changes in the scale of production or in the input mix used by firms in response to economic conditions over a period where all inputs can be varied.